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Bankrupt Alabama County favored over document dispute

U.S. bankruptcy judge Thomas Bennett favored Jefferson County attorneys and turned down creditors’ request on Thursday for documents used by Alabama policymakers to set sewer-system rates. Creditors claim these rates are too low.

Wall Street creditors were denied access to the sewer-system rates documents  after a hearing in Birmingham, Alabama. County lawyers said that the creditors’ document request had no merit and violates policymakers’ privacy when making decisions. According to creditors, however, these rate hikes passed by county commissioners were not enough to meet principal and interest payments on the county’s sewer bonds.

Birmingham lawyers negotiating with creditors continued their discussions in a court hearing Wednesday, January 30.

Whether an individual or business, bankruptcy can be the best option for escaping the bulk of your financial troubles and moving on. Call (205) 324-4000 to speak with a bankruptcy lawyer at Greenway Bankruptcy Law, LLC, about your debt situation today.

Alabama Leaders Gain Momemtum in Bankruptcy Deal

Alabama leaders have reported that they are gaining momentum toward striking a deal between Jefferson County and Wall Street creditors in regards to the largest municipal bankruptcy in the country.

Negotiators with the county met with county’s sewer system creditors in order to begin discussing a deal. While exact details were not discussed, officials have stated that further meetings are to take place in New York during the  beginning of December.

A written statement was given by officials and reported that the meeting was “productive,” but “much work” is still needed to be done before a deal can be made.

Jefferson County filed for Chapter 9 bankruptcy on Nov. 9, 2011 reporting $4.23 million in debt. The court documents show that most of the debt is related to the loss of tax on local jobs, political corruption issues and debt from the a new sewer system.

Chapter 9 bankruptcy alleviates the stress of lawsuits being filed against the county, but states that a plan must be developed to pay creditors back as well as set up a fund to help with future operations. The plan must then be approved by a U.S. Bankruptcy judge and county officials are hoping that it will be ready for approval sometime this winter.

Jefferson County Makes First Attempt to Emerge From Bankruptcy

Jefferson County has recently made plans in order to make an attempt to exit from Chapter 9 bankruptcy.  The County Commissioners have said that the vote could happen as soon as next week, but some creditors have already stated that it will be challenged in court.

In order to emerge from Chapter 9 bankruptcy, only a debtor can propose a restructuring plan and a judge must later approve it. Last year, the county filed for Chapter 9 bankruptcy after claiming that they had $4.2 billion in debt with nearly $3.14 million coming from a sewer expansion program that took place in 1997.

The new restructuring plan would result in an increase of less than $2 per month for sewer customers in the county. The county has not seen a sewer rate increase since 2008.

Sewer system creditors have expressed that they do not think that this plan will work for many reasons. For example, creditors stated that they are not sure how an intricate billing system can be changed so easily. County officials in favor of the restructuring plan will create a “real and meaningful rate increase.”

If you or your family members have any questions regarding any type of bankruptcy, contact a Birmingham bankruptcy lawyer at the Greenway Law Firm today by calling (205) 324-4000.

Hostess restructures company in midst of bankruptcy

In the beginning of 2012, Hostess Brands Inc. filed for Chapter 11 bankruptcy. The company needed assistance with its finances and sought the bankruptcy protection.

Now, months after filing, the company is considering laying off thousands of workers in order to become a successful business once again. Throughout the country, there are approximately 18,500 individuals who are employed through Hostess.

This week, those employees will be receiving official notices of a possible layoff in the company. These alerts are intended to inform the employees of a potential layoff and to give them enough time to prepare in case they do lose their jobs. The future of the company that is famous for the dessert food Twinkies is still uncertain as it goes through the reorganization process that is associated with Chapter 11 bankruptcy.

 

Reddy Ice files paperwork to apply for bankruptcy protection

Reddy Ice is the second ice-packaging company that has recently filed for bankruptcy. Arctic Glacier filed at the beginning of this year, and now Reddy Ice is following suit.

There is talk that Reddy Ice has plans to purchase Arctic Glacier, thus strengthening both companies and allowing Reddy Ice to emerge as a successful business after bankruptcy. The company decided to file for bankruptcy after their debt continued to rise.

The assets of the company hit $434 million at the end of 2011, but the liabilities were at $530.8 million. Reddy Ice has plans to come out of bankruptcy just 45 days after filing.

Please contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 if you or someone you know has questions regarding the bankruptcy filing process.

Hundreds injured, homes damaged in Birmingham storms

Early Monday morning, severe thunderstorms and tornadoes passed through Birmingham, Alabama.

Officials reported that the storms left at least 100 people injured, and more than 210 homes damaged in Jefferson County.  2 people died in the tornado that hit Birmingham at around 3:30 a.m.

In the aftermath of the storms, authorities believe 36,000 people were without power, and hundreds of people were trapped inside homes and buildings.  So far, 7 counties in the state have reported damage from the storms.

This week’s storms have been especially difficult as the state is still trying to recover from the 240 tornadoes that destroyed much of Alabama and took hundreds of lives in April 2011.

The Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC are sorry for the losses experienced in this week’s storms.  To read more about this story, see AFP.

Major U.S. cities file for bankruptcy

The current state of the economy has lead to U.S. cities filing for bankruptcy in order to deal with the debt and lack of revenue.

Bankruptcy analysts have stated that nearly 100 cities may be nearing this option. Two large cities, Birmingham, Alabama and Harrisburg, Pennsylvania have recently filed for bankruptcy.

A city in California, Vallejo, recently just emerged from bankruptcy. They still have some debt remaining, but are now equipped  to handle them better.

If you or someone you know is struggling with debt and are considering filing for bankruptcy, you need representation on your side that can discuss all of your options. Contact the Birmingham bankruptcy lawyer Paula Greenway by calling (205) 324-4000 today.

Teachers in Alabama prohibited from accepting gifts

With many school districts beginning their winter breaks and students preparing for the holidays, teachers should be aware that a new law in Alabama prohibits them from accepting gifts of monetary value.

In many places, students giving teachers gifts for the holidays is not a problem.  However, teachers in Alabama who accepts gifts of monetary value can now face up to a year in jail and a $6,000 fine .  Acceptable gifts include things of nominal value, like home-baked goods.

The law — which went into effect earlier this year — also applies to public officials and employees and is considered to be one of the strictest laws concerning acceptable gifts for teachers in the country.

The Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC want to wish all happy holidays and a safe and enjoyable winter break.  ABC News has more information on the new law.

AMR Corp. files for bankruptcy

Last week, AMR Corp., owner of American Airlines, filed for Chapter 11 bankruptcy at the U.S. Bankruptcy Court for the Southern District of New York.

AMR said that filing for bankruptcy is the best thing for the company and their customers at this time.  American Airlines had considered filing for bankruptcy for over 10 years after struggling to make profits and losing more than $11 billion.  A recent increase in fuel prices led executives to finally seek bankruptcy protection.

American Airlines currently has about $4.1 billion in cash and investments, according to the bankruptcy filing.  These assets will allow them to continue operations while they reorganize their business and pay off debts.  Officials believe that customers should not notice any changes to their service, flight schedules, or frequent flier programs because of the bankruptcy.

Contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000, if you or someone you know has questions about the benefits of filing for bankruptcy.

Jefferson County files for bankruptcy

Last week, Jefferson County commissioners voted 4-1 to file for bankruptcy.  The bankruptcy filing is reportedly the largest bankruptcy petition filed by a municipality in the history of the U.S.

The filing was made on Thursday.  A federal judge in Birmingham ordered a hearing in which officials will determine whether or not the county is eligible for Chapter 9 bankruptcy.

In September, the county and its creditors were able to reach a provisional agreement which included $1.1 billion in concessions.  The agreement also included an increase in sewer rates for residents of Jefferson County of up to 8.2 percent.

To speak with an experienced attorney about filing for bankruptcy in Birmingham, contact the Birmingham bankruptcy lawyers of Greenway Bankruptcy Law, LLC by calling (205) 324-4000 today.

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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